As Market Momentum Pivots, Alpha Opportunities Should Improve

As Market Momentum Pivots, Alpha Opportunities Should Improve

Active US equity strategies have generally struggled to keep pace with their passive counterparts in recent years. This comes against a backdrop of very low volatility and an increasingly concentrated and underperforming market. However, our analysis suggests that when US stock markets exhibited similar extremes (concentration, volatility, dispersion of returns), active managers generally outperformed index …

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